Lorre White, “The Luxury Guru” defines luxury as a “quality of life”, not simply amassing quantity “ It is an enlightened approach to living”.. Private jets to Perfume, Yoga to Yachts, Exotic car to Candle, Watches to Wines ….Lorre is the expert on all things luxury! Reaching the UHNW, Luxury Influencer Lorre White's blog ranked #3 Globally for Luxury Blogs in 2015 Brand Passion Report for Global Luxury Brands by NetBase & #1 of the blogs that reach the wealthy customer.

* A Luxury Expert on TV, Radio & Web - CNN.MONEY, ABC, NBC. FOX NATIONAL, and in magazines globally
* Wrote a monthly column in Portugal's #1 rated Luxury Magazine DNLife w/ over 1.2 million subscribers
* Only internationally recognized Luxury Media Personality.
* Has an extensive social media reach. Owns THE LUXURY CHANNEL Video podcasts on iTunes & Zune
* An international luxury marketing consultant for elite brands and owner of White Light Consulting
* This blog is read by the Ultra High Net Worth and the luxury brands trying to reach that demographic
* Lorre White is highly networked and connected in the world of luxury
* Contributes to business & Luxury magazines globally.
* A member of Who's Who In America for contribution to the American Luxury Market & as a Luxury Personality.

Business

Warren Buffett and Lorre White in Omaha

Luxury

Lorre White is a member of several private invitatition only networks like A Small World, SQUA.RE, Total Prestige, Qube, eVelvet Rope, Diane Fey, LStyle, EuroCircle, Internations, Global Urbanities, Hampton undercover, and other.....

Luxury Marketing Advice

"If a luxury brand asks whether they should spend scarce funds on opening another store, launching a print advertising campaign, or investing in a great website and online advertising, the Internet wins every time as the fastest, cheapest, and most effective way to leverage a luxury brand in today's global marketplace".CEO Milton Pedraza, The Oct issue Wealth Report by the Luxury Index

Shopping

Lorre shopping at the foot of the Spanish Steps in Rome

Travel

Lorre on her way to a party in Monaco

About the Luxury Channel

The Luxury Channel video podcasts offers sponsors a sophisticated web media reach for elite brands to reach a wealthy demographic world wide by a respected luxury expert. This allows these brands to benefit from the most powerful and fastest growing media source, the web. Americans use the internet to shop twice as much as the average individual. People spend more time on the web then in front of the TV. A recent study done by The Luxury Institute found that Luxury consumers were disappointed in the weakness of luxury brands to meet their on line needs. Luxury brands were slow to enter fearing affiliation with the mass marketers and an inability to supply “the luxury experience”. The purpose of The Luxury Channel is to bring a luxury venue to the web where elite brands can have an appropriate environment to share their product knowledge and services in a sophisticated global reach. By all the brands sharing one venue it saves companies millions of dollars by having to establish their own channel from scratch and creating and producing content and paying to market their channel against all the other thousands of luxury brand’s channels. Any commercial agency can create a product video for a company, but with The Luxury Guru you get the video and a way to distribute it internationally.

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August 11, 2016

Michael-Kors-affluent-couple-car 465As of 2015, the 2,473 billionaires around the world hold a combined wealth of $7.7 trillion, making them a small but powerful population in the global economy.

According to Wealth-X’s Billionaire Census for 2015-2016, while those with $1 billion or more in assets collectively saw their wealth reach a record high, not all regions fared the same. As billionaires in Europe, Africa, Latin America & the Caribbean and Pacific saw their total wealth decline, North America, the Middle East and Asia proved to be the major growth engines among this ultra-affluent group.

"The UHNW market in general represents about 18-19 percent of all luxury purchases or about 1 in 5 dollars," said David Friedman, president of wealth intelligence firm Wealth-X, New York. "Billionaires represent the core of this group.

"However, geopolitical and economic uncertainties are causing a pause as billionaires are holding about 22 percent of their net worth in liquid assets," he said.

"While many observers would attribute this to this macro geopolitical risks, and it certainly is a factor, when you view it against the broader trends towards direct investments by family offices away from fund of funds, etc. This could also be interpreted as stockpiling 'dry powder' for the coming investment opportunities that are surfacing in the wake of global geopolitical and economic uncertainty."

Mixed resultsAsia,led by China and the Association of Southeast Asian Nations, saw the most growth out of any region, with its billionaire population up 15.2 percent and their wealth increasing 19.6 percent. This is far greater than the global average of 6.4 percent more billionaires and a 5.4 percent increase in wealth.

Peninsula affluent Chinese shopper consumer

Image courtesy of Peninsula

Following Asia was the Middle East, with 9 percent greater wealth and 7.8 percent more billionaires.

With slightly more modest growth, the Americas now have $3 trillion in collective assets among billionaires, taking away the EMEA’s lead as Europe’s wealth declined 1.9 percent and Africa’s fell 14 percent.

Of the 148 who achieved billionaire status in 2015, 140 were male, outnumbering women 17 to one. While male billionaires are generally becoming younger, their female counterparts are slightly older on average.

Billionaires are becoming more entrepreneurial, with 57 percent accruing their wealth through a business venture or investments. Start-ups within technology have boosted a number of individuals into self-made billionaires, such as Uber’s Travis Kalanick and Airbnb’s Brian Chesky.

Boss and UberCENTRAL

Uber has changed the way consumers travel, and now shop with a Hugo Boss partnership

Women billionaires are more likely than men to have inherited their wealth.

The population of solely inheritance created billionaires has dropped 29 percent, partly because those who gain wealth from another individual are looking to leave their own mark and achieve a sense of independence. Rather than sitting on their newfound wealth, today's inheritors are more apt to use it to fund a business idea or try to grow the family’s estate through investment.

Those who have a combined family fortune and entrepreneurial resolve grew their assets by $300 million last year. Educating heirs on proper management and investment can have a great impact on the estate’s financial health and the family’s reputation.

Female billionaires are less likely to be married than men, 62 percent to 88 percent.

One key mover of wealth is divorce, which is on the rise among billionaires. Seven percent of this population is now separated from their spouse.

Also impacting the transfer of wealth is the number of children, as 2014’s average of two children has risen to three in 2015.

Affluent family

Three children is the new two for affluent families

"The majority of wealth in the world has always been created by taking risk," Mr. Friedman said. "The data has always shown that a majority of billionaires are first generation entrepreneurs.

"In China where there is a continued surge of wealth, the percentage is even higher," he said. "The old saying in the family office business is 'shirt sleeves to shirt sleeves in three generations,' which is a crisp way of summarizing how the first generation makes the money and the second looses it."

Social profileWhile finance, banking and investment remain the most common fields for billionaires, they are becoming less popular. Only 15.2 percent of billionaires worked in these professions in 2015, compared to 19.3 percent in 2014.

Graduating from college is not a prerequisite for becoming a billionaire, with 70.1 percent of this group holding a bachelor’s degree.

The Wealth-X Billionaire Census 2015-2016

Painting a picture of how these individuals spend their downtime, Wealth-X ranked the top interests of billionaires.

Philanthropy is the number one hobby of billionaires, with 56 percent involved in some kind of charitable activity. Wealth-X attributes this to the example set by high-profile billionaires such as Warren Buffett and Bill Gates, whose foundations have set a standard and made those with wealth feel a responsibility for the well-being of others.

Personal fulfillment is the number one reason ultra-high-net-worth individuals indulge in philanthropy, according to a recent survey by Wealth-X.

Philanthropy has long been a hobby of the world’s wealthy, and even the global recession of the late 2000s has done little to stop the trend from continuing. However, as income inequality remains a global conversation, brands will need to appeal to these philanthropic habits and define themselves on these values rather than status and price to appeal to UHNWIs (see story).

A little less than a third of billionaires like to travel, 28 percent like art and fashion and politics round out the top five interests.

Some services have rolled out special offers catering to wealthy clients' interests.

Travel and lifestyle concierge service Element Lifestyle has launched a limited membership program geared toward billionaires.

Element Lifestyle’s 109 membership level is exclusive for clients with a net worth exceeding $1 billion, and will be limited to only 10 individuals starting on June 1. Concierge services are popular among ultra-high-net-worth consumers, as their busy and demanding schedules often leave little time for booking reservations, travel and transportation plans and leisure activities (see story).

"Billionaires are the hardest not only to reach but to engage," Mr. Friedman said. "However, they are just like the rest of us only with amplified resources.

"But they, like all of us, have their own vehement passions, hobbies and interests including philanthropy," he said. "At the end of the day, there are only two ways to engage billionaires: through a trusted referral and through their passions.

"Brands looking to engage this elusive market will need to avoid 'hope marketing,' which is defined as crafting a great event that 'money can’t buy' and then 'hoping' to get them in the room. The alternative is 'bespoke marketing, which is a data driven approach to letting detailed intelligence about each person and their social graph provide the blueprint for a brand’s marketing budget and actually targeting specific individuals.

"In particular, the luxury residential real estate business is ripe for disruption in this area as the marketing methods and strategies for positioning $30-50 million high-end condos or event $100 million penthouses are often shotgun approaches or exhausting a broker’s personal relationships. Bespoke marketing denotes a specific methodology and approach that systematically seeks to curate a collection of bespoke individuals that may have interest in a property due to alignment with personal hobbies, interests, etc.

"For example, the property may have its own IMAX theatre and there are sophisticated approaches to using digital platforms and charting interests graphs with overlaying wealth factors to yield specific individuals that can be engaging through events, experiences and even digital."

Hugh Richard Louis Grosvenor is to inherit his father's billion-pound fortune, despite not being his parents' eldest child.

Hugh Grosvenor, pictured in 2013, is the seventh Duke of Westminster

The new seventh Duke of Westminster has inherited his father's £9bn estate at the age of just 25 and has been described as now owning "half of London".

Hugh Richard Louis Grosvenor, previously known by his honorary title Earl Grosvenor, also inherits Eaton Hall in Cheshire - home to the Grosvenor family since the 15th century.

Despite not being the eldest child of the late Duke of Westminster, who died at the age of 64 on Tuesday, and his wife Natalia, the new Duke will inherit the billion-pound fortune instead of his elder sister Tamara due to an archaic tradition.

The rule of primogeniture that dates back to the time of William the Conqueror sees legitimate male heirs take precedence over their older sisters when it comes to inheriting an estate.

The Duke of Westminster was one of the biggest landowners in the UK

The principle was described in 2015 as "archaic, mad and bonkers" by Lady Kinvara Balfour after her mother Lady Tessa failed to inherit Arundel Castle in West Sussex, which passed to her mother's younger brother Edward, instead.

One of four siblings, the new Duke is a former student of countryside management at Newcastle University who has largely kept out of the spotlight, but is known to have thrown a lavish 21st birthday party for 800 guests at Eaton Hall which was reported to have cost £5m.

Comedian Michael McIntyre and hip hop duo Rizzle Kicks provided the entertainment, and Prince Harry was among the guests for the "black tie and neon" event.

Gerald Cavendish Grosvenor, who has died aged 64, with the Queen in 2004

At the time, the new Duke told the Chester Chronicle: "The party was simply amazing - a birthday and a party I will never forget.

"It is the beginning of a new era in my life and I look forward to the challenges that lie ahead."

Vanity Fair described him as "baby-faced" and "absurdly rich", while the Tatler List said that after inheriting his father's estate he would "own half of London".

The new Duke of Westminster works as an account manager for bio-bean, a green technology company which recycles coffee grounds into advanced biofuels and biochemicals.

He was educated at a state primary, before going to a private day school close to his home in Cheshire.

The new Duke, pictured behind Pippa and James Middleton, at an event three years ago

Hugh's mother Natalia, the Duchess of Westminster, is one of the Duke of Cambridge's godparents.

His sister, Lady Tamara, is married to Edward van Cutsem, whose brother William van Cutsem is also a godparent to Prince George.

As part of his new role, he is expected to take responsibility for the Westminster Foundation, a charitable body which manages the philanthropic activities of the Grosvenor family.

Formed in the 1970s, it has awarded more than £40m in grants.

Hugh's father, Gerald Cavendish Grosvenor, worth around £9.35bn, was said to be the 68th richest person in the world.

He owned land in Belgravia, an area adjacent to Buckingham Palace and one of London's most expensive boroughs, as well as thousands of acres in Scotland and Spain.

He had inherited his title and became chairman of Grosvenor Holdings - the commercial arm of the estate - at the age of 27 when his father Robert died in 1979.

August 05, 2016

This appeared in

I recently reread an article Lorre White wrote on Luxury Daily (which I believe is a repost form her website) which talks about something that really needs to be made clear: Reaching UHNW individuals online or off is no easy feat and a large majority of the luxury media doesn’t even come close to reaching the types of people they really want.

I will fully admit to the fact that even our firm – a leading luxury agency – sometimes struggles in reaching this type of client. Getting a message in front of the UHNW isn’t easy and it certainly isn’t cheap. Of course, not every marketing campaign can be perfect, but over the years we’ve evolved and continue to learn what truly works as the landscape progresses.

Lorre is the real deal. A brilliant marketer and the respect she has comes from a foundation she’s worked hard to build. When she speaks on a topic, especially this one, we tend to perk up our ears and really dig deep into what she says. A lot of the points in her article really got me thinking and I wanted to highlight them and dig a bit deeper.

I’ll even go over some strategies we use in our efforts for clients as well our B2B needs as we’re always looking for the next great client. To be honest, I know a few people who would rather I not talk about some of these topics publicly but there really is no big secret. It’s very hard to get this type of client and it’s costly to reach them, so it takes a lot of time and relationship building to even start. Either way, there will always be people in certain industries that need to attract these clients and I’m happy to help them anyway I can on their journey. That path will almost certainly lead to something Lorre has written so lets see just what needs to be done in order to reach UHNW individuals.

“There are few real luxury media. By that I mean there are very few sources that actually reach the ultra-high-net-worth (UHNW) market. It takes more than just pretty pictures to reach the wealthiest demographic. It takes bringing them information that is relevant to them by someone that they trust.” — Lorre White

There are thousands of luxury blogs, newsletters, Instagram influencers, Polyvore accounts and magazines and the reality is you rarely hit the UHNW audience. We’ve learned this the hard way many times with media buys and influencer campaigns for clients with a product that’s well over the $50,000 mark.

The issue to really overcome is summed up and bolded in Lorre’s quote above – someone making a big purchase is going to need to trust you. We’re personally seeing a lot of very expensive purchases online by UHNW clients in the jewelry and watch sectors, but superyacht customers and wealth management are areas that are quite hard to reach.

As you’ve guessed, reaching these folks costs a modest marketing budget. It requires its own strategies and it’s not only expensive because it’s the luxury industry. It’s also because there is most likely competition already out there with a lot of exposure, established relationships and media around.

Relationship Building Is Paramount

When we started specifically marketing to the luxury consumer over 10 years ago, it was very hard to get the customer to hit that checkout button. Our reputation online and through word of mouth has brought us a long way since, but still we see new luxury brands struggle with the trust it takes to make a $100,000+ purchase without ever seeing your face or shaking your hand.

“UHNW do not follow news sources, but instead individuals that they trust.”–LW

With so little free time in the day of a typical UHNW individual they’re definitely not chatting on Facebook or browsing Reddit endlessly for hours. Meeting these people will most likely either come from attending the right events or getting a recommendation from someone close in their circle who does go online a good amount. Think wealth managers and lawyers.

Building a relationship with UHNW individuals isn’t easy to do but is getting more and more possible everyday as younger people become wealthy through their families or businesses. Channels are opening up and there are easier ways to more get your brand in front of an UHNW individual in the digital age.

What can be done?

Well for us we provide content that showcases how we think and keep up to date on the latest marketing trends in the luxury industry. This gets the trust going because the people come to us. Not making the first “effort” to connect or “being found” is a fantastic way for a business to build trust with potential new customers. Instead of feeling sales pressure, discussions and relationships are formed. Frankly, it’s the best way to bring in a client as we’re not trying to pitch them but instead enjoy discussing what we’re both interested in.

Event marketing and conferences are honestly some of the best methods for networking, relationship building and tapping into this market. You really are putting – not only your money – but you yourself on the line and having your character tested.

Social media has come a long way in the luxury industry with the usual suspects like Facebook and Instagram, as well as a few private “for the elite” only style of clubs. These networks, like ASW or Luxury Society, are actually quite useful for penetrating the outer rim of the UHNW world.

If you’re in the business of selling to affluent millennials then you’re in a pretty wild west kind of market right now. These young and wealthy love to showoff on Instagram and it presents a real opportunity for brands to monitor their taste and build a profile. Not only that, but brands can now engage them and build real relationships which are more personable and not sales focused.

Highly Targeted Marketing

Certain verticals within the luxury industry – like watches and travel – are easier than others. I’ve never been a finance guy in the slightest and have found this niche is a tricky one. Getting someone to trust you with their money is no east feat, especially when it’s such a large sum. Finding your target audience isn’t going to be easy but it is a must if you want your business to grow and flourish.

“The fastest way to bankruptcy for a business in the luxury sector is the use of inappropriate marketing. What I mean by inappropriate is “mass marketing.” –LW

You really have to put yourselves in their shoes and think about what kind of person is going to be attracted to your brand. Talking again about the wealth management sector or, say, people who want to buy a superyacht. We’ve found these verticals to be quite difficult to crack into and have had to endure a lot of trial and error with our clients.

Some areas that are a good place to get your feet wet are:

Advertising in private jet terminals in key locations

Media buys in magazines that are sent only to UHNW/HNW clientele

Conference and events like the Monaco Yacht Show or Baselworld

Viral marketing efforts to reach mass audiences in hopes of being seen by a key few

In her article, Lorre is really trying to get it into your head that blowing $20,000 of your marketing budget on luxury blogs and magazines may not be the best bet. If you’re serious about acquiring UHNW clients then get your best suit ready because face to face networking on a global level is in order.

Social media still has to grow a bit and, as younger UHNW come up, they’ll be more adept with technology and be more inclined to be on Facebook and Instagram. Organic Google search is still quite viable as well, I wouldn’t count it out but it’s a long term strategy that needs to be played right from the start.

Know Your Marketing Spend

We recently did a campaign for a very well known brand that wanted to reach supercar owners in key locations. We identified the best ways to do this and presented our outline. With a few key magazine placements, social media influencer campaigns, blog posts as well as Instagram + Facebook ads they were already easily looking at a $20,000 budget. Not to mention event marketing isn’t even on the table and that alone can easily double the budget needed to reach the right audience.

“A business cannot expect a customer to pay premium prices if it does not pay the premium cost to market correctly.”–LW

That isn’t cheap. Half of our clients couldn’t even come close to that kind of a budget spend in just a few months and that’s the reality of it. Lorre mentions to “market correctly” and this is also a portion of the quote that is very important.

Your brand is going to have to go through some trial and error to find your way through the threshold. This again comes down to your budget as you’re going to take a hit or three before you have enough data to steer the ship. Literally every product in every niche will play a little differently than the last.

“The most expensive marketing reach is to the wealthiest demographic. It costs a lot more to land a whale than a minnow. It takes more skilled and specifically trained marketers, and advertising cost is much higher in media that successfully reaches this group.”–LW

What’s the easy way? I’ll tell you when I figure it out. Here at Luxury Branded we focus a lot on PR stunts,newsjacking and viral marketing for our clients. This can be a fantastic tool for getting a broad reach among the luxury industry news sites and blogs in hopes a UHNW individual catches wind of it.

This method is perhaps best used for penetrating the outer bubble and getting your brand in front of the advisors and influencers to the UHNW population. I’d love to know your thoughts and hopefully hear from others over time on this topic as it doesn’t get discussed that much in the open.

By: Ryan is the founder of Luxury Branded and is a branding and marketing strategist

Here's what they are saying...

"It is impossible to overdo luxury. Give us the luxuries of life, and we will dispense with its necessaries. Easy to say, hard to be able to do unless you know the Guru of Luxury, Lorre White. I have traveled to many countries with Lorre and she really knows luxury. When she is not around me, I always watching Lorre’s videos and I read Lorre’s blog to keep up on what is new in the luxury market."Princess Victoria London

"Lorre White is a great expert source for luxury knowledge and insights. She is also a great connector in the luxury industry."Milton Pedraza, CEO, Luxury Institute, LLC The Wealth Report

"Lorre's take on the Luxury market is refreshing and frankly very much needed. Her stance on luxury as a "quality of life" vs. gluttonous amassing of quantity couldn't possibly be a timelier message given the times we live in."Michael, eVelvet Rope media, owner

"Lorre is ground breaking and creative and brings a unique and much needed luxury reach to the web with her timely Luxury Channel on iTunes & her LuxGuru blog. Now anyone in the world can watch."Peter M. Deeb, Chairman, Hampton & Cie SA (Suisse)

"I love working with Lorre, as she is truly unique expert in her field. She has a vast experience of luxury market and a very impressive international network. She knows the best luxuries by living her life in luxury."Mervi Sippola, Luxury Consultant, Monaco

"I have been a client of Lorre and White Light Consulting about the US expansion plans for Flow, an endurance drink for golfers. I am always impressed with her marketing ideas, professionalism and amazing international contacts."Marko Sjoblom , Flow Owner, Finland/Monaco